Greece seals sale of biggest Port Piraeus to COSCO

Greece is to sell its biggest port Piraeus Port Authority to shipping group China COSCO Shipping Corporation, marking the second major privatisation for the country since late last year.

Reuters reports that the port sale had been halted by the leftist government of Alexis Tsipras when it won elections in January last year but it was resumed under Greece’s 86 billion-euro bailout deal agreed with its euro zone partners in August.

On Friday, striking dockworkers marched in central Athens to protest against the sale, which they fear will put their jobs at risk. Container terminals were shut as a result of the strike. Brief scuffles broke between police and some of the protesters.

Under the 368.5 million euro deal, signed on Friday by China COSCO with the Greek privatisation agency, COSCO will buy 51 percent of Piraeus Port for 280.5 million and the remaining 16 percent for 88 million after five years and once it concludes investments of 350 million over the next decade.